WealthOS, a London-based provider of cloud-native wealth management infrastructure, has recently obtained €4.6 million in funding to support its endeavor of transforming the wealth tech industry.
The Funding Round
WealthOS completed its seed funding round with Barclays Bank driving venture capital into the young company. Main Set is a member of the international investment company Capricorn Capital Partners UK and has been there with WealthOS while supporting Barclays. The seed round put €2.3 million to the €2.3 million previously invested by Barclays and other fintech investors such as Chris Adelsbach, Mike O’Brien, John Donohoe, and John Herlihy at the end of 2023.
Vision and Mission
The CEO and Founder of WealthOS Anton Padmasiri said that they appreciated the group of like-minded investors. The present vision of the company is to help organizations deliver omnichannel wealth management products to clients with higher speed and efficiency.
Their cloud-native and API retail pensions (SIPP) technology was introduced in the UK and can be deemed a major achievement. Furthermore, Quai Digital, an established B2B wealth management white-label outsourcing company, has selected WealthOS as its strategic technology partner.
Image Source: Eu-Startups
Anton Padmasiri appreciating the group of like-minded investors said, “I couldn’t have asked for a better group of investors – all of whom have been incredible cheerleaders for our mission to modernise the wealthtech space. I am excited to demonstrate to the market how we will not only enable organisations to offer incredible, omni-channel wealth management products to clients, but to do so at high speed and with cost efficiency.”
Quotation Source: Eu-Startups
Quai Digital Partnership
With the partnership with WealthOS, Quai Digital can incorporate composable software within its application. This way, Quai builds up its technological financial profile increasing its solutions’ flexibility and depth for the clients. The benefits of having this partnership can go a long way in increasing growth and innovation within the wealth management industry.
Investor Perspectives
Andrew Challis, co-head of PI at Barclays stated the bank’s opportunities from the Rise Growth Academy. He also described WealthOS’s strong proposition in digital wealth management and is excited to see more of it.
Andrew Challis said, “We’re very pleased to have invested in WealthOS at the start of their journey. They are a talented team and have leveraged the investment to achieve early commercial success. Our ongoing investment with WealthOS demonstrates our commitment to opportunities arising from our Rise Growth Academy and aligns with Barclays’ Innovation Thesis. WealthOS has an impressive proposition in the digital, wealth management space. I look forward to seeing their future endeavours coming to fruition, celebrating new milestones, and seeing our return on investment.”
Main Set’s founder, and managing partner, Ioto Iotov emphasized the potential of the wealth management industry to expand its digitizations. Their experience of product-market fit and their approach to solving challenges echoed with Main Set and added to their confidence for the investment.
Iota Iotov said, “Given our experience within the wealth and investment space, and our focus on fintech, we know the wealth management sector has immense opportunity for digitisation and growth. The WealthOS team has built a proposition that has found product-market fit very early; and is primed for use by a whole host of wealth, retirement, and savings companies. We were further impressed by the knowledge, passion and experience of the founding team, who had personally experienced the pain-points WealthOS solves.”
Quotations Source: Eu-Startups
Conclusion
The latest round of fundraising puts WealthOS in good stead to drive the pace of change in the wealth management sector through the application of technology. As they move on with the development of their platform, we can look forward to new advancements that redefine the concept of wealth management services.
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